Swissquote builds provisions following the decision of the SNB
The surprising decision from the Swiss National Bank (SNB) to remove the 1.20 floor on the EUR/CHF has consequences on Swissquote Bank. Many clients were following the confirmed longstanding strategy from the SNB and were anticipating a weakening of the Swiss Franc against the Euro.
Today’s drop of up to 15 percent has left the clients with a negative balance and has prompted the bank to actívate a provision of 25 million CHF. This provision will influence the results in the first half of 2015, without affecting the profitability and solidity of the bank. Even with this provision, the bank will have a core capital ratio (Tier 1) of around 17 percent.
On 3’d March 2015 Swissquote will publish its results for the financia! year 2014. The year 2014 was marked by the full integration of MIG Bank, which had been acquired in September 2013. The strong growth in all business segments will generate record revenues of about 145 million CHF (preliminary, unaudited), with a pre-tax profit of about 28 million CHF. More detailed information about the financia! year
2014 will be made public at the presentation of results on the 3’d March 2015.
Swissquote – The Swiss Leader in Online Banking
As a leading provider of online financia! services, Swissquote offers innovative solutions and analysis tools to meet the wide range of demands and needs of its clients. As well as various online trading services, the user-friendly platform also provides solutions for eForex, ePrivate Banking, eMortgage and flexible saving accounts. In addition toa low-cost service for prívate clients, Swissquote also offers specialized services for independent asset managers and corporate clients. Swissquote (SON) is quoted on the SIX Swiss Exchange and holds a banking license. The company is subject to supervision by the Swiss Federal Financia! Market Supervisory Authority (FINMA) and is a member of the Swiss Bankers Association.
For additional information:
Marc Bürki, CEO Swissquote Group Holding Ltd1 CEO Swissquote Bank Ltd
Tel. +41 22 999 98 50, +41 79 413 41 45, firstname.lastname@example.org
Nadja Keller, Assistant to CEO 1 Media Relations Manager
Tel. +41 44 825 88 01, email@example.com